Credit – What to Expect During the Loan Process
Credit – What to Expect During the Loan Process
Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage. Here are some credit tips when applying for a mortgage.
Expect To:
- Stay current: On existing accounts, one 30 Day notice can cost you
- Continue to use your credit as normal: Changing your patter will raise a red flag and may potentially lower your credit score
- Call your mortgage professional: Before making any address or credit changes, check in with your contract below.
Try to avoid:
- Applying for new credit: Every time you have your credit report pulled by a potential creditor or lender, it may potentially impact your credit score. This includes co-signing for a loan
- Maxing out credit cards: Try to keep your credit card balances 30% below their limit during the loan process
- Paying off collections or charge offs: If you want to pay off old acconts, do it through escrow. Obtain a confirmation letter from your creditor when paying off accounts.
- Consolidating your debt.
Credit – What to Expect During the Loan Process
Call me for more questions on what to expect during the loan process.
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